With the slowdown in farmland appreciation, we may see retired landlords and investors willing to sell. But there is a new barrier: higher capital gains rates. With land sellers now often facing 23% to 25% federal rates plus additional state income taxes, we will see sticker shock and an unwillingness to deal. As we learned coming out of the Reagan era, higher capital gains rates suppress selling activity; lower rates stimulate ownership changes.

THE NEW RATES

Previously, a large gain from the sale of farmland was taxed at a flat 15% federal capital gains rate regardless of the amount. But ...

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